Obsidian Insurance Holdings, Inc. (“Obsidian”), the holding company for Obsidian Insurance Company and Obsidian Specialty Insurance Company, completed a $20 million private placement of fixed rate senior unsecured notes due 2025 (the “Notes”) to certain institutional investors. Piper Sandler and BMS Capital Advisory served as co-placement agents on the transaction.
The Notes are unsecured and have a five-year term, maturing December 30, 2025, and will bear interest at a fixed annual rate of 6.50%, payable semi-annually. Obsidian has a current rating of BBB- from the Kroll Bond Rating Agency.